BREAKING: Recession Worsens As Economy Shrinks In Third Quarter

Nigeria’s economy contracted in the third quarter of 2016, official data showed Monday National Bureau of Statistics in a report said “the nation’s gross domestic product (GDP) contracted by -2.24% year-on-year,”

According to NBS, the contraction comes on the heels of businesses struggling to access foreign exchange and rebels continued bombing oil pipelines in the restive south.

“In the third quarter of 2016, the nation’s Gross Domestic Product (GDP) contracted by -2.24% (year-on-year) in real terms. This was lower by 0.18% points from growth recorded in the preceding quarter and also lower by 5.08% points from growth recorded in the corresponding quarter of 2015. Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99%.

“During the quarter, aggregate GDP stood at N26,558,952.83 million (in nominal terms) at basic prices. Compared to the third quarter 2015 value of N24,313,636.94 million. Nominal GDP grew by 9.23%. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22% points, the report stated.